Entering Orders With Your Futures Broker
When you are entering orders with your futures broker online you need to keep track of the date and time the order was entered. You also need to keep track of the order number.
The reason you need this is because I have had situations where an order is missing from my account, I call my futures broker and tell him that the order is missing and the broker says – we have no record of it, what was the number?
I give them the number and then he says - we have no record of that number what day did you place the order?
If I had the day the next question would be what time did I place the order. With out any of that information then they tell you that nothing can be done.
This happened to me several years ago and hopefully I have a better futures broker now. One that will work to try and solve the problem, not one that works to try to get to a place as fast as possible where he can say that without that information there is nothing I can do.
I have also been asked for a screen shot of the order.
To be safe the best thing to do is:
I do expect my futures broker to at least make an effort to solve the problem, if you call your broker and they start asking questions to try and shut you up and get you off the phone then I would find another broker. Because sooner or later you will probably have a problem where you really need this guy to help you find something or look up something and if they are unwilling or unable to do it then it will probably cost you money.
The reason you need this is because I have had situations where an order is missing from my account, I call my futures broker and tell him that the order is missing and the broker says – we have no record of it, what was the number?
I give them the number and then he says - we have no record of that number what day did you place the order?
If I had the day the next question would be what time did I place the order. With out any of that information then they tell you that nothing can be done.
This happened to me several years ago and hopefully I have a better futures broker now. One that will work to try and solve the problem, not one that works to try to get to a place as fast as possible where he can say that without that information there is nothing I can do.
I have also been asked for a screen shot of the order.
To be safe the best thing to do is:
- Have a good futures broker that will work with you to help.
- Keep the order number on each trade.
- Keep the day and time you placed the order.
- To be extra careful take a screen shot of each order and save it.
I do expect my futures broker to at least make an effort to solve the problem, if you call your broker and they start asking questions to try and shut you up and get you off the phone then I would find another broker. Because sooner or later you will probably have a problem where you really need this guy to help you find something or look up something and if they are unwilling or unable to do it then it will probably cost you money.
